I initially thought that I would not stand for election and like @jivings (he was appointed a moderator soon after we entered public beta back in the summer of 2012) that I had served my time (2+ years). I changed my mind because no one had (at that point) nominated themselves. I thought that by breaking the ice others would follow.
@Jacobm001 as @SteveRobillard already put it I would consider it a failure if we graduate, but can't then get more than 3 people to nominate themselves as moderators. so lets hope a few more step up. Any experienced mod is sure to get my vote :)